Swiss National Bank Portfolio Update – Metals & Mining

The Swiss National Bank recently published their schedule of public investments for the most recent quarter ending in June: https://www.sec.gov/Archives/edgar/data/1582202/000158220220000003/xslForm13F_X01/InfoTable_Q22020.xml. At the end of June, their portfolio stood at $136B.

Upon review of their portfolio mix, 3.99% of their portfolio was invested in Materials, up slightly from the 3.93% during the prior quarter ending in March. The materials segment included 171 actual positions, down slightly from the 175 positions in the prior quarter. As of June, the Materials market value totaled $5.444B, which is up from $4.5B in March.

Of this $5.44B, 24 positions are in Gold mining stocks totaling $1.293B. This is a slight increase compared to March, which stood at 24 positions and $1.216B. Regarding Silver mining equities, 9 positions totaled $53.5M in June compared to 9 positions totaling $26M in March.

The SNB’s top 5 Gold positions in terms of current market value are Newmont, Franco-Nevada, Wheaton Precious Metals, Agnico and Kirkland Lake, which remained consistent with March. They did dispose of 857,300 Newmont shares, or 12% of total shares owned, reducing the market value of the position from $436M to $382M. This was the only share disposition quarter over quarter.

The SNB’s biggest adds during the quarter in terms of change in shares were B2 Gold, Pan American, Yamana Gold, and Equinox Gold.

Overall, not a big change in allocation in the Materials segment, nor in the overall composition of the portfolio for that matter. It seems that they manage to and within the already prescribed allocation framework. Information Technology accounts for the biggest portion, at 33%. Not very much to glean from this data, just having a little fun and curiosity on a very quiet summer afternoon.

All the best.

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